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12-05-2023 10:38pm
How to Estimate Your Tax Bill from the Westwood Property Tax Rate Increase for FY2024
Darlene Cancell
Editor
Editor's note: This article follows a previous article this week by the author, which announced the value assessments of Westwood properties for FY2024.
By Peter T. Ittig, Ph.D., Contributor
Property tax rates for FY2024 are now out for Westwood, as published on the Town of Westwood's website. The new rates are:
Residential $12.81 per $1000 assessed valuation
Commercial/Industrial $24.68 per $1000 assessed valuation
Since the new assessments on single family homes in Westwood are up by an average of 25%, the new tax rate will result in a tax increase of about 12% for FY2024 in comparison with FY2023 for single family homes.
For example, a single-family home with an assessed valuation of $1 million for FY2023 (near the average) would have paid property tax of $14,300 at the old tax rate of $14.30 per $1000 assessed valuation. That home will now be assessed for about $1.25 million for FY2024 (up 25%). The new property tax will be $16,012.50 at the new tax rate of $12.81. This is a tax increase of about 12% over the previous year (11.98% in this example). You may obtain an estimate of your FY2024 total tax by multiplying your new assessed valuation by 0.01281. You might fill in the table below with numbers for your own home to calculate your own tax increase.
Example
|
Fiscal Year |
FY2023 |
FY2024 |
Increase |
||||
|
Assessed Value |
$1 million |
$1.25 million |
25% |
||||
|
Tax Rate |
$14.30 per $1000 |
$12.81 per $1000 |
|||||
|
Tax |
$14,300 |
$16,012.50 |
12% |
See,
FY2024 Property Tax Rates
https://www.townhall.westwood.ma.us/departments/finance-departments/assessing
New Assessments table
https://www.townhall.westwood.ma.us/home/showpublisheddocument/29657/638360717260670000
Thanks to Professor Peter Ittig for contributing this news to Westwood Minute. Professor Ittig was a member of the of the Westwood Finance & Warrant Commission from 2019 to 2022.
